Study Of Critical Success Factors Of Social PPP Projects

With the development of economy as well as urbanization in China,social demand for public infrastructure is increasing,thus the PPP(Public-Private Partnership)pattern has been widely used in social projects.Although the central government has introduced relevant regulations and policies on PPP pattern,there are still many problems in PPP application,such as the operation and maintenance costs are neglected in reducing construction costs,and the initiative and creativity of investors have not been fully utilized,thus failing to achieve expected economic and social benefits of PPP projects.Therefore,it is of great significance to study the critical success factors of social PPP projects.This paper first reviews the literature to summarize the factors which are critical to the success of the social PPP projects.The success criteria are summarized as follows:1 the lowest cost in the whole life cycle.2 the construction period and operation meet the requirements.3.the project quality and safety meet the requirements.4.the services provided meet the requirements in the operating period.5.user satisfaction.Combining the above success criterion,a list of 43 success factors has been identified from aspects of government departments,social capital and third parties(universities,consultants,law firms,etc.).After the critical factors are identified,the importance of the critical factors is investigated by using the questionnaire.The questionnaires were distributed to government agent,advisory unit,financial institution,construction units and other related personnel in the work.A total of 171 valid questionnaires were collected.On top of that,this paper makes a preliminary and classified analysis of the questionnaire.Finally,13 factors are obtained: 1.sound laws and regulations.2 stability of relevant policies.3 the credibility of the public sector.4 the financing capacity of social capital.5 financial capacity.6.reasonable risk-allocation mechanism.7.the urgency of the public sector's demand for the project.8 stable macroeconomic environment.9 political stability.10 the professionalism and execution of the public sector.11 clearly delineated roles and responsibilities.12.explicit payment mechanism.13 building and operating capacity of social capital.Finally,13 critical success factors are analyzed with the highway project and school project in Jiangsu.The obstructive factors of the two projects are identified and compared.Management strategies for critical success factors of social PPP projects are given at the end of the case study,and it will provide some references for the implementation of similar projects in the future.